How to safely store big amounts of BTC?

[jerry0]

How much btc would you say is a big amount?  Even 1 btc now is a big amount to most people right?  I mean 0.5 btc is still over 5k usd.


I'm curious but are there many ppl that kept btc in wallets like electrum and jaxxx and those other wallets when btc got really high and say they had like 5 btc there or more?  I assume there had to been quite a lot of those ppl right?  Since when btc was around the 250 mark, i mean everyone kept btc in electrum or paper wallet or exchange right?

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[Nellayar]

Two should be enough in my opinion. One of storing and one for recovering in case something happens to the first device.

Don't use wallets like Jaxx and Exodus, they are not open source, you never know what's going behind the scenes and If they have access to your funds or not.

Store everything in one device, write the seed down in multiple pieces of papers and hide them in different locations. If the hardware wallet gets lose or damaged, you could use the seed to recover your coins.

Store bitcoins in a ledger or hardware wallet. That is the most secured place in bitcoin. Using electrum wallet is also as well as local wallets. However, we need to assure that our PC or gadget don't have any virus that can be a tool to intercept our wallet or data. Having a seed is a backup plan in case the wallet was missing. That is why seed is important.

[Gibreil]

I store bitcoin at coins.ph the wallet that exist in my country. I store it in my digital phone only because I am just a small earner. However, f I received the payment to my recent bounty campaigns, I think I will decide to install or buy hardware wallet. But as of now, I am only focusing on the security of my phone where I can avoid phishing sites.

[fiulpro]

I think you can feather them out .
Choose a hardware wallet , a paper wallet , an offline wallet with very good reviews .
Divide them ,
Store that amount separately and make sure to keep Google authentication on and your private keys hidden .
You can just buy a bank safe too and then submit your personal documents there .
Documents consisting of the paper wallets .
I think with this big amount you can decide what to hold and what to keep so the holding one can directly go into the safe and the other half can just be transferred into some offline wallet used for trading regularly.

[bryant.coleman]

Yes I am going to agree to your idea. For me if you hold 15BTC it is good decision if you will use 5 wallet to more secured investnent and holding of your coin. Because all we know that there is too much knowledge that hacker and scammer that they have so if the time that they hacked your account or wallet not all your coin will be take. I think it is more safe.

This is going to be counterproductive. If you split your holdings in to five wallets, then you need to maintain different 2FA for these wallets, and it is not going to be an easy thing. There are chances that you may forget the wallet password or the transaction password, and your coins will be lost. My advice is to hold the coins in just one wallet (or a maximum of two) and take all the necessary security precautions.

BTW, if you have 15 BTC, then it is always better to spend a small amount ($100 or $200) to purchase a hardware wallet. 15 BTC is worth more than $150,000 as per the current exchange rates. The cost of a hardware wallet is less than 0.1% of that amount.

[LogitechMouse]

Storing your money in different storage is good but I think you will be confused with so many phrases on it. The best place to store your Bitcoin is on the Hardware wallet like Nano Ledger or Trezor because you are in control of it (keys or words). Wallets which doesn't have any words to recover are the ones you avoid because you don't know what can happen to your money if you store it on that wallet.

[adaseb]

How much btc would you say is a big amount?  Even 1 btc now is a big amount to most people right?  I mean 0.5 btc is still over 5k usd.


I'm curious but are there many ppl that kept btc in wallets like electrum and jaxxx and those other wallets when btc got really high and say they had like 5 btc there or more?  I assume there had to been quite a lot of those ppl right?  Since when btc was around the 250 mark, i mean everyone kept btc in electrum or paper wallet or exchange right?

People still keep their BTC in Electrum and Paper Wallets.

There is nothing wrong with a paper wallet as long as you generate it correctly, basically offline. And destory the printer or USB afterwards which showed the private key.

Same with Electrum, you can use it safely as long as you use it as cold storage and keep your keys on an offline computer which is never connected to the internet.

[slaman29]

How much btc would you say is a big amount?  Even 1 btc now is a big amount to most people right?  I mean 0.5 btc is still over 5k usd.


I'm curious but are there many ppl that kept btc in wallets like electrum and jaxxx and those other wallets when btc got really high and say they had like 5 btc there or more?  I assume there had to been quite a lot of those ppl right?  Since when btc was around the 250 mark, i mean everyone kept btc in electrum or paper wallet or exchange right?

People still keep their BTC in Electrum and Paper Wallets.

There is nothing wrong with a paper wallet as long as you generate it correctly, basically offline. And destory the printer or USB afterwards which showed the private key.

Same with Electrum, you can use it safely as long as you use it as cold storage and keep your keys on an offline computer which is never connected to the internet.

I have to agree here. I don't think you really need all those fancy wallets as long as you know how to keep your stuff properly. The main issue is people forgetting their passwords or seeds. Which is also what makes them use online wallets that let you recover a username/password. And remember, just because things are offline doesn't mean you're safe. You can be ok from hackers but someone could always find out your key if you leave it lying around!

[ttcsalam]

Using multiple wallets. I do not agree. Can not use multiple Wallets.. Put your security in one file . You can lose your password. In that case I would suggest. You can transcribe a file and using the wallet.

[tiedcoin]

Offline wallet offers the highest level of security. Along with securing the funds in a place not connected to any network, these wallets also offer good protection against computer vulnerabilities.
The hardware wallets are the best type of offline wallet that offers very high security and ease of use. Also, as these wallets allow backup, you can easily recover your funds if you lose this device.
Along with the hardware wallets, you can even store the funds on paper wallets and keep it in a safe place.
Here are two hardware wallet that you can use:
Trezor: This wallet operates as secure cold storage. You can easily transfer bitcoins to the device using the Trezor interface, which is accessible from macOS, Linux, Windows, and Android. Its interface is quite easy to use that lists your coins and recent transactions.
Trezor uses a 12 to 24-word seed for protection and recovery and a user-defined PIN. You can also add an encrypted passphrase to your wallet for an added layer of security.
Ledger Nano S: This wallet can store large amount of BTC securely and as it is an HD wallet, you can control many accounts for all the supported currencies. It means that the cryptos stored will be secure and have the same backup key.
Moreover, this wallet supports ERC token while used with MyEtherWallet. To receive Bitcoin, the wallet doesn’t need to be connected to a computer. One can easily receive bitcoins even if the Ledger is offline. Further, the device is compatible with Mac, Linux, Windows, and Chrome OS. You can even connect it to an Android device using an OTG cable.
 

[adaseb]

How much btc would you say is a big amount?  Even 1 btc now is a big amount to most people right?  I mean 0.5 btc is still over 5k usd.


I'm curious but are there many ppl that kept btc in wallets like electrum and jaxxx and those other wallets when btc got really high and say they had like 5 btc there or more?  I assume there had to been quite a lot of those ppl right?  Since when btc was around the 250 mark, i mean everyone kept btc in electrum or paper wallet or exchange right?

People still keep their BTC in Electrum and Paper Wallets.

There is nothing wrong with a paper wallet as long as you generate it correctly, basically offline. And destory the printer or USB afterwards which showed the private key.

Same with Electrum, you can use it safely as long as you use it as cold storage and keep your keys on an offline computer which is never connected to the internet.

I have to agree here. I don't think you really need all those fancy wallets as long as you know how to keep your stuff properly. The main issue is people forgetting their passwords or seeds. Which is also what makes them use online wallets that let you recover a username/password. And remember, just because things are offline doesn't mean you're safe. You can be ok from hackers but someone could always find out your key if you leave it lying around!

The chances of someone finding your key and knowing its a bitcoin wallet key is very rare compared to getting hacked online. Basically if someone has access to your home they can take other things like your cash, SSN, etc.

You can either try and remember the 12 words or you can just take a dictionary and mark those words. Nobody will steal a dictionary and let alone actually open it. Most people wouldn't even know what to do when they saw 12 words typed up. They would assume it maybe some poem of some sorts.

[nutella_11]

well, imo the best option is to keep your coins at cold wallet. Really, offline storage is the safest. I recommend to check how your cryptocurrency exchange stores your funds.for example CoinDeal keeps his funds in the cold wallets which is really important to me

[ghost424]

Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

Having at least 1 BTC is already scary and hard to be kept. You really need to create a firm decision on what will you do about it. HODLing it in one safe storage or wallet is one solution. Having more than 1BTC will make you a prime target for scammers and people that wants more money. One solution is buying a Ledger where you can keep it personally. 

[_IRMAN]

Save it in the personal wallet that you hold the private key, don't save it in exchange because it is very dangerous, if the exchange is hacked your money will be lost, but if you save it in your personal wallet all the control is in your hands

[kim lee ong]

I think I should use cold wallet

[kobita333]

1 wallet is not enough for such a big amount. You can use two wallet as one is hacked or you forget your password you can use your other wallet. You can say why not three wallet ? It is no easy to maintain three wallet as remembering the password. So it's better to use 2.

[baundul]

1 wallet is not enough for such a big amount. You can use two wallet as one is hacked or you forget your password you can use your other wallet. You can say why not three wallet ? It is no easy to maintain three wallet as remembering the password. So it's better to use 2.

Yes, only one wallet idea is bad. A wallet is not going to hold many Bitcoins. The hackers will always be watching your wallet. It's better not to put more amount together. Plus, you will get more security offline from the online wallet. Remember, having Bitcoin in offline wallet does not mean you are safe. Unwanted and unnecessary links invite hackers, stay away from them.

[cheezcarls]

Of course, I would not store it in a centralised wallet like Coinbase, Coins.ph, etc., because they can control or freeze your account for that. However, if you do have a Trezor or Ledger Nano S, it would be better storing lots of BTCs.

I'm even considering to buy one of them later on because I have plans to accumulate more while its dipping and seeing some death crosses. It's essential for us to keep and control our crypto assets than letting others control it.

Consider investing into a cold wallet like Trezor and Ledger Nano S. Just sayin' only. 

[Em00n01]

Two should be enough in my opinion. One of storing and one for recovering in case something happens to the first device.

Don't use wallets like Jaxx and Exodus.

Store everything in one device, write the seed down in multiple pieces of papers and hide them in different locations. If the hardware wallet gets lose or damaged, you could use the seed to recover your coins.

I am agree with you. I think this is the best suggestion. I also store my private key in different places in case i lost them by an accident.

[Kewat]

The best way is a hardwallet like Trezor or Ledger. It's better to buy several such wallets if the amounts are really serious.